AboutTom Burris Expertise I can answer any question regarding Mortgage loans for Purchase or Refinance.
I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker.
The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past.
We do FHA, VA, Conventional & Subprime Financing. I have extensive experience in Investor Loans as well.
I will NOT answer questions about 'getting around guidelines', ect.
Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question.
I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.
Experience 4 years experience as a Mortgage Broker and as a Mortgage Banker
Education/Credentials Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.
Question I am a guarantor on an SBA loan which is currently in default. I applied for a
mortgage loan and informed the lender on my initial online application about
the status of my SBA loan in default. Initially they showed concern about this,
but seem to have determined that it is of no consequence. My loan officer
stated the following, "We probably will not check the box that says you are in
default for a federal debt or loan, because it is not showing up under you
name as an individual at this point so it was thought by some of the
underwriters that it could be listed technically under the business name and
not you personally though you did guarantee it." When they sent me the
package of HUD forms to sign, the box was indeed checked "no", but they
asked for copies of my SBA loan documentation. Because I couldn't obtain
that documentation at that time I decided to forego the process entirely.
Then about three weeks later, to my surprise, I received a preapproval letter
which stated nothing about having to provide the SBA documentation. I
asked the loan officer why they weren't requiring this documentation any
more and she said, "if the underwriters don't require it then they must have
determined everything is fine and don't worry about it." Since that point I
signed the HUD application, have an accepted offer and set a closing date. I
feel as if this box being checked "no" on the application that I signed
constitutes misinformation, but I also wonder if I'm beating a dead horse and
should just trust the lender that they did their DD and cleared this with the
FHA/HUD. Should I be worried about this box being checked "no" on the
HUD/FHA application even though I literally beat my lender over the head
with warnings about the SBA loan default??? Thank you for your response.
Answer Hi Ryan.
The lender pulls a report from HUD called a CAIVRS report. Do a search for CAIVRS and you will get plenty of info about what this is. But in a nutshell this report is an internal database of people in default on Federal Debt..... not necessarily listed on credit reports.
Are you in default? I cannot answer that. That is a legal question.
If you are in default: Then signing that application is mortgage fraud.
If you are NOT in default: Then you are ok.
Again... the definition of 'defaulted on Federal Debt' is the issue here.
You should investigate THAT and make your decision on proceeding.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
